Launched its first acquisition market in Texas, acquiring select vehicles directly from consumers in the Austin area.

Introduced its newest buyer market in the greater Seattle region, marking a complete span of the U.S.

We expect basic and diluted weighted average shares outstanding to be approximately 82.7 million in Q4.

As of October 13, 2020, and immediately following the Merger, Shift had approximately 82.1 million shares outstanding, inclusive of approximately 6 million shares which are subject to the earnout provisions of the agreement governing the Merger.

Subsequent to the close of the Merger, the Company paid down the $6.1 million balance of its PPP loan and $25.0 million balance on its delayed draw term loan. The Merger which closed subsequent to Q3, delivered approximately $302 million, net of deal-related expenses, to support growth and working capital.

Cash and cash equivalents totaled $18.4 million as of September 30, 2020.

Adjusted EBITDA loss for the period was $(19.4) million or (32.4)% of total revenue, as compared to (30.5)% of revenue in the prior year period.Net loss was $(23.3) million, as compared to net loss of $(19.0) million, and basic and diluted net loss per share was $(0.64), based on 36.5 million weighted average shares outstanding during Q3 2020 for Shift as a standalone entity, prior to the Merger close on October 13, 2020.The increase in SG&A was primarily driven by increased marketing spend and an increase in expenses associated with becoming a public company. SG&A was $24 million, or 40% of revenue, up from 35%.Adjusted GPU is reduced by non-repair labor costs of $152 per unit in Q3 2020. Adjusted gross profit per unit (“Adjusted GPU”) was $1,319, compared to $697, an 89% increase.Gross profit per unit was $1,265 compared to negative gross profit per unit of $391.Non-GAAP Adjusted gross profit grew 156% to $3.9 million or 6.5% of total revenue. Gross profit grew to $3.7 million or 6.2% of total revenue, up from $(0.9) million.Total ecommerce units sold were 2,946 and total wholesale units sold were 1,100, an increase of 35% and 31%, respectively. Total revenue grew 31% year-over-year and 85% from Q2 2020, reaching a record $59.9 million.In the near-term, our strategy is to deepen penetration in our existing markets and expand into new markets, improve attachment rates of high-quality ancillary products, drive reconditioning efficiencies and increase our brand recognition.”Īll comparisons for the quarter are year-over-year unless otherwise specified. “Looking ahead, we are focused on several strategic priorities that we believe will drive long term growth. We now expect Q4 revenue to be another record, in the range of $72 million to $75 million, representing 163% - 174% year over year growth, the strongest revenue growth in the Company’s recent history,” added Shift’s Co-CEO George Arison. “Our third quarter - and year to date - results demonstrate that there is a clear demand for our offerings and consumers are embracing Shift more than ever before. I couldn’t be more excited for the future of Shift.” “We are investing in market expansion, an innovative branding and marketing strategy, technology-enabled tools to drive efficiency and a world-class leadership team. In the third quarter, we grew total revenue 31%, Adjusted GPU 89% and total unit sales 34%, year over year, and sold nearly 1,000 ecommerce units per month,” said Shift’s Co-CEO Toby Russell. “This has been a transformative year for Shift and we are embarking on our life as a public company with exciting momentum. and its common stock and warrants began trading on the Nasdaq Capital Market under the new symbols SFT and SFTTW, respectively. Immediately following the Merger, INSU changed its name to Shift Technologies, Inc. As a result of the Merger, Shift became a direct wholly-owned subsidiary of INSU. (“INSU”) completed their merger (the “Merger”).

A live audio webcast will also be available on Shift’s Investor Relations website.Īs previously announced, on October 13, 2020, Shift and Insurance Acquisition Corp. Management’s commentary on third quarter 2020 financial results and fourth quarter 2020 outlook can be found by accessing the Company’s shareholder letter on, or by listening to today’s conference call. 12, 2020 (GLOBE NEWSWIRE) - Shift (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported third quarter financial results for the period ended September 30, 2020. Over 4,000 total units sold in the quarterĪchieved $3.7 million in Gross Profit and grew Adjusted Gross Profit 156% Year-over-Year to $3.9 million

Shift technologies inc